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Private Equity
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August 29, 2024
4 Firms Guide VivoPower Subsidiary's $904M SPAC Merger
Electric utility vehicle company Tembo E-LV on Thursday announced that it has agreed to merge with special purpose acquisition company Cactus Acquisition Corp. 1 Ltd. in a deal built by four law firms that values the combined business at $904 million.
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August 29, 2024
Kirkland Guiding Oneok On $5.9B Energy Infrastructure Deals
Kirkland & Ellis LLP is guiding Oneok Inc. on agreements to purchase Global Infrastructure Partners' interest in EnLink Midstream LLC for $3.3 billion, and GIP's interest in Medallion Midstream LLC for $2.6 billion, expanding Oneok's energy transport and storage capabilities in the Permian Basin and Gulf Coast, the company said in a statement Thursday.
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August 28, 2024
Cooley, Latham Steer Defense Co.'s $80M VC Funding Round
Parry Labs announced Wednesday that the Virginia-based defense technology company, represented by Cooley LLP, has raised $80 million in its first institutional investment round fueled by Capitol Meridian Partners, represented by Latham & Watkins LLP, and other venture capital firms.
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August 28, 2024
Businessman Can't Force $1B Gramercy Suit Into Arbitration
A Wyoming federal judge has ruled that Gramercy Funds Management will not have to arbitrate its racketeering lawsuit accusing a Ukrainian businessman of fraudulently transferring more than a billion dollars from his agricultural business, a debtor of the Connecticut-based hedge fund.
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August 28, 2024
High Court Told Tyvaso Row Petition Based On 'False' Premise
A small pharmaceutical startup behind a drug that would compete with the blockbuster high blood pressure treatment Tyvaso says United Therapeutics is making a "fundamentally false" argument to the U.S. Supreme Court about why an appeals court rejected United Therapeutics' case.
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August 28, 2024
The NFL-Approved PE Firms That Can Now Invest In Teams
The NFL made a landmark decision Tuesday to approve private equity ownership of teams, making it the last major North American sports league to bring PE dollars into the mix. It’s not a free-for-all, however; to start, the league selected specific funds that are now allowed to take non-controlling interests in teams. Here, Law360 looks at the approved investment players.
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August 28, 2024
Greenberg Traurig Builds PE Team With Kirkland Hires
Greenberg Traurig LLP has brought on two fund formation partners from Kirkland & Ellis LLP to continue its growth into the private equity space, according to an announcement this week by the firm.
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August 28, 2024
Latham Leads Entertainment-Focused SPAC's $150M Offering
Shares of special purpose acquisition company Black Spade Acquisition II Co., which plans to seek a merger target in the entertainment, lifestyle or technology industries, began trading on the Nasdaq on Wednesday following the company's $150 million initial public offering.
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August 28, 2024
John Wood To Sell Siemens JV And US Biz For $165M
John Wood said Wednesday that it has agreed to sell two of its noncore businesses in two separate deals, including one with Davis Polk & Wardwell LLP-led private equity firm One Equity Partners LP for total proceeds of £165 million ($218 million).
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August 27, 2024
Electric Jet Co. Grounds Investor Suit Over SPAC Disclosures
Investors in German aerospace company Lilium have failed to adequately allege that the company lied about its electric jet production efforts as it went through a $3.3 billion go-public merger with a special purpose acquisition company, a Florida federal judge determined in permanently tossing the suit.
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August 27, 2024
Del. Court Nixes Trump Media Contempt Bid In Share Suit
A Delaware vice chancellor declined on Tuesday to find Donald Trump's social media venture in contempt for suing in Florida to block the release of two Trump Media & Technology Group founders' shares, while the same founders are battling for the stock in the Court of Chancery.
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August 27, 2024
4 Firms Build Sixth Street's $250M Industrial REIT Investment
Sixth Street Partners plans to invest $250 million into Plymouth Industrial REIT through a joint venture and preferred equity deal packaged by four law firms, seeing more opportunities with the real estate investment trust on the horizon, according to an announcement Aug. 27.
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August 27, 2024
NFL To Allow PE Ownership, Joining Pro Sports League Peers
The National Football League's status as the last major North American sports league barring private equity investment in team ownership ended on Tuesday, when the owners approved changes in policy to allow such investment for the first time.
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August 27, 2024
Nasdaq Seeks SEC's Green Light To Launch Bitcoin Options
The Nasdaq stock exchange said Tuesday it is seeking regulatory approval to allow the listing of an options tool that tracks the price of bitcoin, a move designed to expand institutional and retail trading of cryptocurrency-related assets.
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August 27, 2024
Winston & Strawn Hires Morgan Lewis Healthcare Partner
An attorney specializing in healthcare law recently moved to Winston & Strawn LLP's Houston office after practicing for nearly five years at Morgan Lewis & Bockius LLP.
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August 27, 2024
Cribl Valued At $3.5B After $319M Series E Funding Round
Data engine company Cribl Inc., advised by Cooley LLP, on Tuesday announced that it reached a $3.5 billion valuation after successfully closing its oversubscribed Series E funding round with $319 million in investor commitments.
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August 27, 2024
3 Firms Build $314M Events.com SPAC Merger
Event management platform Events.com plans to go public by merging with Concord Acquisition Corp. II at an estimated $314 million value, both parties announced on Tuesday, through a deal guided by three law firms.
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August 27, 2024
Duane Morris Hires Ex-Dickinson Wright Fintech Expert
A former financial institutions mergers and acquisitions and regulatory enforcement partner from Dickinson Wright PLLC who also has experience at the Federal Reserve Bank has joined Duane Morris LLP's corporate practice group in Chicago.
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August 27, 2024
Willkie-Led LS Power Secures $2.7B For Latest Fund
Energy infrastructure-focused investment firm LS Power Group, led by Willkie Farr & Gallagher LLP, on Tuesday said that it clinched its fifth fund with $2.7 billion of investor commitments in tow.
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August 26, 2024
Bronfman Scraps Paramount Bid, Paving Way For Skydance
Media executive Edgar Bronfman Jr. has dropped his reported $6 billion bid to buy Paramount Global just days after the offer was disclosed, opening a path for Paramount to close its merger agreement with Skydance Media.
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August 26, 2024
SEC Fines Sound Point $1.8M Over Nonpublic Info Oversight
The U.S. Securities and Exchange Commission announced Monday that private fund adviser Sound Point Capital Management LP will pay $1.8 million to settle charges that it failed to prevent the misuse of nonpublic information in certain collateralized loan trades.
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August 26, 2024
Biotech Investor Sues In Chancery Over Alleged IP Diversions
A private equity investor in biotech Vividion Therapeutics Inc., recently acquired by Bayer Corp. for up to $2 billion, sued the company's co-founder and others in Delaware's Court of Chancery on Monday, accusing them of secretly diverting to another company intellectual property worth "hundreds of millions, if not billions."
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August 26, 2024
Tech-Focused VC Firm Nabs $1.1B For 6th Flagship Fund
Technology-focused growth-stage venture capital firm G Squared, advised by Goodwin Procter LLP, on Monday announced that it has secured $1.1 billion of committed capital for its sixth flagship fund.
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August 26, 2024
Weil Adds Ex-Kirkland, Massumi + Consoli PE Pro In Calif.
Weil Gotshal & Manges LLP is expanding its California team, announcing Monday it is bringing in a Massumi + Consoli LLP private equity expert as a partner in its recently opened Los Angeles office.
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August 26, 2024
Kirkland-Led CenterOak Clinches 3rd Fund With $1.1B In Tow
Dallas-based private equity shop CenterOak Partners LLC, advised by Kirkland & Ellis LLP, on Monday said that it nabbed over $1.1 billion of total commitments for its third private equity fund.
Expert Analysis
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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PE Firms Should Prepare For Increased False Claims Scrutiny
The impact private equity firms may have over medical decisions and care is increasingly attracting potential liability under the False Claims Act and attention from states and the federal government, so investors should follow best practices including conducting due diligence both before and after acquisitions, say attorneys at K&L Gates.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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FTC Focus: Private Equity Investments In Healthcare
As the Federal Trade Commission is tightening its scrutiny of private equity investment in healthcare, the agency is finding novel grounds to challenge key focus areas, including rollup acquisitions, the flip-and-strip approach and minority investments in rival providers, say attorneys at Proskauer.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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How 5 States' Deal Notification Laws Are Guiding Healthcare
Healthcare transaction notification laws at various stages of implementation in California, Illinois, Indiana, Oregon and Washington are shaping sector mergers and acquisitions, with significant transparency, continuity of care and compliance implications as providers tackle complex regulatory requirements, says Melesa Freerks at DLA Piper.